KANOHAR ELECTRICALS LIMITED
About the company
Kanohar Electricals Limited (KEL), incorporated in 1972, is an Indian manufacturer of transformers serving sectors such as power transmission, railways, renewable energy and power distribution. The company also undertakes engineering, procurement and construction (EPC) activities, giving it a diversified operating profile. It is among the few manufacturers in India certified by RDSO for 100 MVA 132 kV Scott transformers for Indian Railways.
The company operates two manufacturing facilities at Rithani and Gangol in Meerut, Uttar Pradesh, with an aggregate transformer manufacturing capacity of 19,200 MVA as of September 30, 2025. Its operations are structured across transformer manufacturing and EPC segments.
Kanohar Electricals has a pan-India presence supported by five regional offices located in Delhi, Mumbai, Kolkata, Bengaluru and Chennai. As of September 30, 2025, the company employed over 497 people and catered to customers across the country.
Kanohar Electricals Limited delivered strong top-line and bottom-line expansion from FY24 to FY26, with Total Revenue growth from â‚ą276.69 Crs to â‚ą653.84 Crs. Operating profitability improved significantly as EBITDA percentage expanded from 11.23% to 27.59%, driving Profit After Tax (PAT) upward from â‚ą17.61 Crs to â‚ą129.71 Crs. This robust operational momentum significantly enhanced shareholder equity, with EPS rising from â‚ą2.39 to â‚ą17.43 and Shareholders' Funds accumulating from â‚ą178.12 Crs to â‚ą372.84 Crs.
The promoters of Kanohar Electricals Limited are Mr. Dinesh Singhal, Mr. Adesh Singhal, Mr. Vivek Singhal, Mr. Abhishek Singhal, Mr. Virat Singhal, and Mr. Aditya Singhal. Mr. Dinesh Singhal serves as the Promoter and Chairman & Managing Director of the Company; Mr. Adesh Singhal, Mr. Vivek Singhal, and Mr. Abhishek Singhal serve as Promoters and Whole-time Directors of the Company.
Kanohar Electricals is making fresh issue cum offer for sale of up to 1,67,04,750 shares (Fresh issue = 47,46,835 and offer for sale = 1,19,57,915) having face value of Rs 2 each aggregating Rs 1056 Crs within the Price band 601-632 per share. 58,46,662 shares offered to retail, while 25,05,712 shares offered to the Non-Institutional HNI category, 83,52,375 shares to QIBs and XXX shares to Anchor investors.
The shares will be listed on BSE platform of the Bombay Stock Exchange (BSE) and NSE platform of National Stock Exchange (NSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Kanohar Electricals Limited - Key Competitive Strengths
Experienced Management Team: Deep Expertise Drive Success in Scalable, Customer Engagement & Loyalty Solutions – The Singhal family, with decades of experience across leadership, commercial, legal, and technical areas, leverages their expertise to guide Kanohar Electricals’ expansion and operational efficiency. Their hands-on involvement ensures strategic decision-making, innovation, and long-term business growth.
Backward-Integrated Manufacturing Model Ensuring Efficiency – Kanohar Electricals’ business model leverages backward integration, producing critical transformer components in-house, which enables stringent operational control, quality assurance, and cost optimization across its manufacturing processes. This approach ensures efficiency while supporting scalable and reliable delivery of customized transformer solutions.
Business Growth Strategy Focused on High-Value Sectors and Integrated Solutions – Kanohar Electricals drives growth by targeting high-growth industries like power transmission, railways, and renewable energy while offering end-to-end transformer manufacturing and EPC solutions, capturing larger project value and strengthening long-term client relationships.
Post the Public Issue Kanohar Electricals Limited plans to drive growth through product innovation – Kanohar Electricals aims to scale up transformer manufacturing capacity, enhance backward integration, and invest in new product development—especially for high-voltage and railway electrification segments—while strengthening execution standards and supply chain security to capture long-term market growth.
Risks
Kanohar Electricals faces risks from intense competition in the transformer and EPC markets, potential delays in raw material supply, and execution challenges in large, complex projects, which could impact timely delivery, costs, and profitability.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Kanohar Electricals Limited - Key Competitive Strengths
Experienced Management Team: Deep Expertise Drive Success in Scalable, Customer Engagement & Loyalty Solutions – The Singhal family, with decades of experience across leadership, commercial, legal, and technical areas, leverages their expertise to guide Kanohar Electricals’ expansion and operational efficiency. Their hands-on involvement ensures strategic decision-making, innovation, and long-term business growth.
Backward-Integrated Manufacturing Model Ensuring Efficiency – Kanohar Electricals’ business model leverages backward integration, producing critical transformer components in-house, which enables stringent operational control, quality assurance, and cost optimization across its manufacturing processes. This approach ensures efficiency while supporting scalable and reliable delivery of customized transformer solutions.
Business Growth Strategy Focused on High-Value Sectors and Integrated Solutions – Kanohar Electricals drives growth by targeting high-growth industries like power transmission, railways, and renewable energy while offering end-to-end transformer manufacturing and EPC solutions, capturing larger project value and strengthening long-term client relationships.
Post the Public Issue Kanohar Electricals Limited plans to drive growth through product innovation – Kanohar Electricals aims to scale up transformer manufacturing capacity, enhance backward integration, and invest in new product development—especially for high-voltage and railway electrification segments—while strengthening execution standards and supply chain security to capture long-term market growth.
Risks
Kanohar Electricals faces risks from intense competition in the transformer and EPC markets, potential delays in raw material supply, and execution challenges in large, complex projects, which could impact timely delivery, costs, and profitability.
Our verdict
Our View on This IPO
Kanohar Electricals Limited which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Kanohar Electricals’ business model leverages backward integration, producing critical transformer components in-house, which enables stringent operational control, quality assurance, and cost optimization across its manufacturing processes. This approach ensures efficiency while supporting scalable and reliable delivery of customized transformer solutions.
Kanohar Electricals drives growth by targeting high-growth industries like power transmission, railways, and renewable energy while offering end-to-end transformer manufacturing and EPC solutions, capturing larger project value and strengthening long-term client relationships.
More importantly, Kanohar Electricals Limited promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs 672.83 crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 14.88 crore.
We are confident that Kanohar Electricals Limited will deliver consistent performance and provide an excellent investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
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